May 22, 2026
Social media has put information about anything in the palm of our hands, including financial advice. And a new study is showing that specific types of Canadians rely more on “finfluencers” — online content creators/influencers who offer financial advice.
A study of 5,400 investors and non-investors by the Securities and Investment Management Association (SIMA) found that Canadians with higher income, greater levels of education and self-titled “expert” investors were more likely to access finfluencer content.
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In surveying investors, SIMA found that 40% of those getting information from financial influencers were earning above $150,000, 59% of them self-identified themselves as investing experts and 35% of them held a university or postgraduate degree.
The study also noted that 44% of DIY investors who have a discount or online brokerage account were more likely to access financial influencer content to guide their decisions, whereas only 24% of investors not using those services said the same.
In terms of demographic, over half of Canadian investors aged 18 to 54 use financial influencer content, while only 15% of respondents aged 55 and up did so.
SIMA’s research reveals that reasons why Canadians turn to finfluencer content, with 60% citing affordability concerns, while others are interested in obtaining money-management advice (46%), specific recommendations for investing (45%) and investment strategy advice (41%).
“Investors are not turning to finfluencers because they are better, they are turning to them because they are there: free, accessible, always-on, and embedded in the digital spaces where younger investors already spend their time,” the SIMA paper notes.
Can you trust finfluencer content?
While it is acknowledged that finfluencers act as a sort of “stop-gap” measure for investors looking for inexpensive financial guidance, concerns have been raised about the quality of information being provided — especially if the content creators don’t carry recognized qualifications.
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A core concern is that finfluencers walk a fine line between offering helpful advice and promoting a product or service, giving them a vested interest in putting forward an offer disguised as financial advice. In fact, a review of 350 pieces of finfluencer content by MoneySuperMarket, in partnership with Penguin Wealth, found that 77% of the short-form videos promoted a financial product or service. More alarming is that 76% of the content was considered “incorrect, misleading, high risk or potentially harmful.”
Vancouver-based certified financial planner (CFP) Nick Hearne, who advises clients and creates online finfluencer content on YouTube, told The Globe and Mail that he was not “surprised” by SIMA’s research, and in his experience, financial content lacks nuance.
“Online content comes with too much certainty, and there’s not enough context around who it’s appropriate for and what the tradeoffs are,” Hearne said.
Given the rise in online financial advice, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) released regulatory guidelines for finfluencers back in December of 2025. The organizations emphasized that existing securities rules and procedures can apply to finfluencers, regardless of the content they create.
While there are real risks with relying on online content, authors of the SIMA paper even-handedly note that investing finfluencers do fill a gap by providing free, accessible and relatable advice. For investors that have a strong handle on financial literacy and can sift out reliable content from promotional slop, finfluencers can be an educational tool.
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How to consume financial content responsibly
There’s no doubt that online investing advice is growing in popularity and becoming a staple of financially-savvy Canadians’ lives. The question is, however, how can this content be used wisely? Here are some tips to use before you watch another short-form finance video:
- Check for qualifications. Don’t just consume without reviewing a creator’s background. Finfluencers that have recognised qualifications (e.g. QAFP, PFP, or CFP) are likely to be more reliable in their advice and claims. Checking if a finfluencer is registered through the CSA’s National Registration Search will reveal how reliable they are.
- Treat it as one source of advice. Like any advice, getting multiple opinions is a good rule of thumb. When you consume financial content, if there is any recommendation or advice you think might be a good fit for your situation, check it against the advice of a trusted source before acting on it.
- Remember that popularity is not synonymous with reliability. SIMA’s findings reveal that investors were prone to confuse the popularity of a finfluencer with reliability. That may not be the case. Just because a creator is gaining traction online, does not mean they are a good source of information.
Tried and true sources of advice
Financial influencers are bridging the gap between expensive advisory services and Canadians who want affordable financial advice. But they are not the only resource.
Call me old-fashioned, but there is something to be said about reading a physical book on personal finance. Some top-rated options include:
- The Wealthy Barber by David Chilton
- How to Pay Less and Save More for Yourself by Rob Carrick
- The Intelligent Investor by Benjamin Graham
- The Psychology of Money by Morgan Housel
There’s also no substitute for professional advice when making a complex investment decision or setting your financial goals. While they can be expensive, consulting with a CFP can pay dividends in the long run.
Finfluencers represent a potential shift in how Canadians, especially younger ones, are looking for money advice. However, when it comes to your money, it pays to know who to trust online.
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Brett Surbey is a corporate paralegal with KMSC Law LLP and freelance writer who has written for Yahoo Finance Canada, Success Magazine, Publishers Weekly, U.S. News & World Report, Forbes Advisor and multiple academic journals. He and his family live in northern Alberta, Canada.
